When people think of an incentive marketing platform, they often have images of a pyramid scheme. These schemes have been proven illegal and ineffective in several cases. However, there are many other ways to utilize incentive marketing effectively, with the most notable being list building.
In incentive marketing, you use various types of rewards to encourage people to purchase from you. An incentive will typically be a product like a discount or bonus card. Other common rewards include free meals, merchandise, services, vacations, and other items that can be redeemed after purchase. Often, these items are the most significant value added to the offer and serve as powerful motivators for purchases.
If you wish to create a profitable incentive marketing platform, you must determine which products and services to include on the incentive. It is important that your offers relate to the target market for your business. This is because the best incentive marketing strategies involve offering products that will benefit your customers and have the highest likelihood of being purchased.
The most effective incentive marketing strategies usually combine multiple offers. For example, you may offer a discount for each customer that refers a friend or family member. This increases the chances that someone will purchase from you, since they will have provided a reward for their efforts. You can also offer a percentage rebate on purchases made at your store. Each time a customer buys a product off of your list, you receive a small percentage of that sale. For every 100 of those purchases, you receive 1% of the sale price.
Multiple rewards programs are most successful when they are combined with one another. For example, if you have a loyalty program, you can give a discount to members of your program that purchase at least two items from you within a specific time frame. Another idea is to offer customer incentive marketing through the use of motivational devices. This may be done by offering customer incentive marketing certificates or free samples. By offering incentive marketing to customers, you are communicating that you value their purchase and will provide these purchases at a discount or with additional benefits.
When developing an incentive marketing strategy, you must make sure that you provide a high level of quality products and services. Customers do not buy products and services that are substandard. Instead, they look for quality and value. Incentive programs that are designed to reward customers for purchasing a high-quality product while still offering a discount of up to 50% offer a unique opportunity. Customers will be more likely to spend approximately the same amount they would have spent with an average incentive marketing strategy, but will receive additional discounts and benefits.
Many people enjoy incentive marketing strategies such as coffee shop loyalty programs. In order to create incentive programs for this type of clientele, you should consider creating multiple rewards programs in order to attract more customers. One incentive marketing strategy for coffee shop loyalty programs would be to offer the first fifty customers in your program a free drink for every five referrals they make. The second incentive marketing strategy for this type of clientele would be for them to receive a discount coupon for every five referrals they make.
Other types of businesses that can benefit from incentive program marketing strategies include restaurants, automotive repair shops, fast food restaurants, convenience stores, hotels, motels, bars, and restaurants. If you own or manage a franchise, you can benefit greatly from incentive marketing. Incentive program marketing campaigns for franchises often include coupons and free meals for their customers. Some franchisors provide free pizza and hot dog coupons for their franchisees. Offerings of free gifts are also very popular incentive program marketing strategies.